Chicken Soup for the Economy

Markets expect the Fed to continue Operation Twist. So, what could it hurt?

It's an old joke, but those are the ones that get retold. A doctor is informed his patient has just expired. He tells the nurse to give him some chicken soup. "What possible good would that do?" she asks. "So, what could it hurt?" he replies.

As the Federal Open Market Committee gathers Tuesday to begin its regular policy-setting meeting that will conclude Wednesday, financial markets are expecting another round of the monetary policy equivalent of chicken soup -- a continuation of the extension of the...